Key Takeaways
- • Man GLG launched a new UCITS-compliant European Mid-Cap Equity Alternative fund domiciled in Ireland, managed by portfolio manager Moni Sternbach, targeting long and short investments in European securities with market capitalizations between €500 million and €10 billion.
- • Moni Sternbach joined Man GLG in January 2015 from Cheyne Capital, where he spent nearly three years as lead manager of the Cheyne European Mid Cap Long/Short strategies, bringing 13+ years of mid-cap expertise since 2002.
- • The fund strategy emphasizes stock selection and active portfolio management through rigorous research and management team engagement, leveraging GLG's internal European stock-picking expertise and sector specialist resources.
- • Man GLG's co-CEO Teun Johnston positioned the launch as a response to increased market inefficiency and widening return dispersion in European mid-cap equities, creating opportunities for specialized stock pickers.
Summary
Man GLG, the discretionary investment management division of Man Group, announced the launch of the Man GLG European Mid-Cap Equity Alternative fund on April 8, 2015. The new UCITS-compliant fund is domiciled in Ireland and managed by GLG Partners LP, with Moni Sternbach serving as portfolio manager. The fund targets European securities with market capitalizations ranging from €500 million to €10 billion, employing both long and short investment strategies to generate attractive risk-adjusted returns.
Sternbach brings substantial pedigree to the role, having joined Man GLG in January 2015 directly from Cheyne Capital, where he spent nearly three years as lead manager of the Cheyne European Mid Cap Long/Short strategies. His experience in the mid-cap segment extends back to 2002, when he began his career at Gartmore Investment Management as head of European smaller companies, a position he held until 2011. This combination of long-term sector specialization and recent hands-on management experience positions him as a seasoned practitioner in the space.
The investment strategy centers on rigorous stock research and active portfolio management, with emphasis on direct engagement with company management teams and fundamental analysis. According to Teun Johnston, co-CEO of Man GLG, Sternbach's expertise combined with the firm's established infrastructure creates "a compelling proposition at a time when the asset class has become more inefficient and the wide dispersion of returns has created opportunities for stock pickers." The fund is designed to leverage GLG's broader European stock-picking capabilities and sector specialists to enhance the quality of the investment process.
Sternbach commented that the new strategy aligns closely with Man GLG's investment framework and generates "significant synergies with the European stock picking team and its sector specialists," suggesting integration with the firm's existing research capabilities and thematic expertise.
Sternbach brings substantial pedigree to the role, having joined Man GLG in January 2015 directly from Cheyne Capital, where he spent nearly three years as lead manager of the Cheyne European Mid Cap Long/Short strategies. His experience in the mid-cap segment extends back to 2002, when he began his career at Gartmore Investment Management as head of European smaller companies, a position he held until 2011. This combination of long-term sector specialization and recent hands-on management experience positions him as a seasoned practitioner in the space.
The investment strategy centers on rigorous stock research and active portfolio management, with emphasis on direct engagement with company management teams and fundamental analysis. According to Teun Johnston, co-CEO of Man GLG, Sternbach's expertise combined with the firm's established infrastructure creates "a compelling proposition at a time when the asset class has become more inefficient and the wide dispersion of returns has created opportunities for stock pickers." The fund is designed to leverage GLG's broader European stock-picking capabilities and sector specialists to enhance the quality of the investment process.
Sternbach commented that the new strategy aligns closely with Man GLG's investment framework and generates "significant synergies with the European stock picking team and its sector specialists," suggesting integration with the firm's existing research capabilities and thematic expertise.
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